Palladium scales record high, gold hits US$2,000 on Russia-Ukraine war

[BENGALURU] Palladium jumped to a record high on Monday (Mar 7), while gold hit the key level of US$2,000 per ounce, as concerns over Russia-Ukraine conflict pushed investors towards safe-haven assets.

Palladium gained 5.7 per cent to US$3,172.19 per ounce, as of 1.58 am GMT, after hitting an all-time high at US$3,172.22 earlier in the session.

Russia accounts for 40 per cent of global production of the auto-catalyst metal, used by automakers in catalytic converters to curb emissions.

Fighting stopped about 200,000 people from evacuating the besieged Ukrainian city of Mariupol for a second day in a row on Sunday, as Russian President Vladimir Putin vowed to press ahead with his invasion unless Kyiv surrendered.

Netflix, a global streaming entertainment service, top accounting firms KPMG and PwC and financial services firm American Express on Sunday cut ties with Russia as that country's conflict with Ukraine escalated.

Ukraine will ask the United Nations' top court on Monday to issue an emergency ruling requiring Russia to stop its invasion, arguing that Moscow's justification for the attack is based on a faulty interpretation of genocide law.

Spot gold was up 1.5 per cent to US$1,998.37 per ounce, after scaling a 1-1/2-year peak of US$2,000.69 earlier. US gold futures rose 1.7 per cent to US$2,000.20.

Holding of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.4 per cent to 1,054.3 tonnes on Friday - their highest since mid-March 2021.

Rising domestic gold prices put off buyers in top Asian hubs last week as others waited on the sidelines with a close eye on the Russia-Ukraine conflict, while Hong Kong's Covid-19 curbs further dampened appetite.

Spot silver gained 1.7 per cent to US$26.09 per ounce, while platinum jumped 2.3 per cent to US$1,147.19. REUTERS